Pernod Ricard S A (PRNDY) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.176 Hey, everyone. We're delighted to welcome you to our FY25 Sales and Results 00:00:05.176 -- 00:00:09.820 Call. Alex and Hélène will take you through the presentation before we open for your 00:00:09.820 -- 00:00:12.602 questions. Alex, over to you. 00:00:12.602 -- 00:00:17.947 Well, thank you very much, and good morning to all of you, and I do hope 00:00:17.947 -- 00:00:23.172 you had a nice and enjoyable summer. So welcome to our fiscal 00:00:23.172 -- 00:00:28.576 year 25 sales and results, and let's dive into them 00:00:28.576 -- 00:00:30.576 directly. 00:00:31.334 -- 00:00:37.681 Well, first of all, the title is a pretty clear reflection 00:00:37.681 -- 00:00:42.848 of the mindset of Pernod Ricard, of all the teams in Pernod Ricard, steering 00:00:42.848 -- 00:00:46.272 through a challenging environment with agility, 00:00:46.272 -- 00:00:48.234 with discipline, 00:00:48.234 -- 00:00:53.100 and more importantly so, with strategic conviction. 00:00:53.100 -- 00:00:58.786 And at the end of the day, this has delivered organic margin expansion. 00:00:58.786 -- 00:01:04.460 We have kept on investing behind our brands and their desirability, 00:01:04.460 -- 00:01:10.326 and investing for the long-term growth of Pernod Ricard. 00:01:10.326 -- 00:01:16.131 Our net sales are down 3% organically and minus 6% in 00:01:16.131 -- 00:01:21.276 reported terms, basically impacted by currency impacts. 00:01:21.276 -- 00:01:26.621 What I believe is very important is the continued volume recovery 00:01:26.621 -- 00:01:32.308 at plus 2% for the full fiscal year, with the third consecutive semester 00:01:32.308 -- 00:01:37.975 of volume growth. So volume has resumed and is confirmed 00:01:37.975 -- 00:01:41.218 for the third consecutive semester. 0...